The Tertiary Education Trust Fund (TETfund) on Thursday asked the Federal Government to increase its yearly funding for Research and Development (R&D) to $1 billion.
The agency stated that an increased investment in research would lead to the desired development of Nigeria.
TETfund’s Executive Secretary, Prof Suleiman Bogoro, stated this during the inauguration of the fund’s R&D Standing Committee in Abuja.
He hailed President Muhammadu Buhari for the recent increase of the research grant from N5 billion to N7.5 billion.
The executive secretary also made a case for the promulgation of a law for the implementation of a National R&D Foundation (NRDF) to deepen research in the country.
Bogoro said: “To galvanise our vision towards making R&D the ace and game changer in our national development agenda, the need for an appropriate law to support the establishment of a National R&D Foundation (NRDF) cannot be overstated.
“We need a robust institutional framework and arrangement for the NRDF. I am recommending a minimum annual budgetary threshold of $1 billion as the funding portfolio for this foundation.
“When we consider the inevitable benefits of R&D and the socio-economic challenges in Nigeria, this amount begins to look like a drop of water in the oceanic population of 200 million people in 2020 and projected to become double in 10 years for now.”
The executive secretary said the standing committee would come up with recommendations on the required amount that would be suitable for efficient research activities in the country.
Education Minister Adamu Adamu said continued investment in research would herald a rebirth of Nigeria.
The minister, who was represented by the Minister of State for Education, Emeka Nwajiuba, advised members of the committee to put their best to the national assignment.
Also, TETfund yesterday inaugurated a 162-member standing committee on R&D in Abuja.
Bogoro said the committee was inaugurated to ensure a paradigm shift in research and development in the country.
